Yellen: "We will continue to close loopholes in sanctions against Russia"

Janet Yellen, U.S. Secretary of the Treasury
[Photo by Reuters]

[Asia Economy Reporter Cho Hyun-ui] U.S. Treasury Secretary Janet Yellen stated on the 2nd (local time) that if there are any gaps in the sanctions imposed in response to Russia's invasion of Ukraine, they will continue to close them.

After delivering a speech at the University of Illinois at Chicago that day, Secretary Yellen told reporters, "Russia is increasingly becoming an economic island," according to major foreign media.

When asked whether sanctions to curb Russia's oil and natural gas exports might follow, she replied, "Nothing is off the table regarding future sanctions."

She revealed that the sanctions imposed on the 27th and 28th of last month have already restricted about 80% of assets in the Russian banking sector and immobilized roughly half of the Russian central bank's assets.

She added, "As a result of the sanctions, the value of the Russian ruble has fallen to about one-third compared to earlier this year, with the exchange rate hitting a record low of 110 rubles per dollar on that day."

Secretary Yellen said, "We will continue to monitor how the sanctions are working and whether there are any gaps, and if there are, we may respond accordingly."

She also acknowledged concerns about Russian elites using cryptocurrencies as a means to evade sanctions and stated that laws to prevent this have already been established.

She said, "This is a means that must be watched closely, but participants in cryptocurrency networks are subject to anti-money laundering laws and sanctions, so complete evasion is not possible."

Secretary Yellen predicted that the sanctions against Russia would not have a significant impact on the U.S. economy, given the limited trade and financial links between the U.S. and Russia.

She said, "We will continue to track the oligarchs and Russian elites who are central to Vladimir Putin's corrupt power."

She added, "In recent weeks, we have sanctioned many of these individuals and are forming a task force with the U.S. Department of Justice and allies to locate, freeze, and seize their wealth worldwide."

This content was produced with the assistance of AI translation services.